Pertamina Aims to be One of the Largest Companies

TEMPO.CO,A�Jakarta - State-Owned Enterprises (SOE) Minister Rini Soemarno expected the state-owned oil and gas company Pertamina to become one of the largest energy companies in Indonesia. Rini expressed his confidence that the target can be achieved by establishing a SOE holding in the energy sector.

Currently, Pertamina is listed as one of five largest energy companies in the world. Rini is certain that the company’s rank would go up if a holding company has been established. “If today, Pertamina is one of the five largest [companies], at one point it has to be one of the three largest,” Rini said at the Ritz Carlton on Tuesday, December 13, 2016.

According to Rini, the government plans to establish a holding company by merging Pertamina, Pertagas, and Perusahaan Gas Negara (PGN).

Rini said that the government had just completed a revision on Government Regulation No. 44 of 2005 on Guideline for Investment and Capital Management in State Owned Enterprises and Limited Liability Companies, which regulates provisions on the establishment of holding companies.